A partnership firm is best for small businesses that plan to remain small. Low costs, ease of setting up and minimal compliance requirements make it a sensible option for such businesses. There are two types of Partnership firms, registered and un-registered Partnership firm. It is not compulsory to register a Partnership firm.
Partnership firm is easy to start. The main aim for starting a partnership firm is for partnership deed. Hence, a partnership can be started on the same day.
As in the case of partnership firm business liability of the partners of a firm is unlimited.
In partnership the relationship of Principal and Agent exists. It is not necessary that all partners should work in the business. Any one or more partners can act on behalf of other partners.
Decision making in a partnership firm could be faster as there is no concept of the passing of resolutions. Decision-making can be regarded as a problem-solving activity yielding a solution deemed to be optimal, or at least satisfactory.
The following documents are required.
ID PROOF OF ALL PARTNERS:
Id proof is needed for all partners.
PARTNERSHIP DRAFT DEED:
CURRENT OFFICE ADDRESS PROOF:
Current office address proof are required.
Rent Agreement/ NOC if property is one rent:
Rent Agreement/ NOC if property is one rent are required for the Partnership firm.
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